One of the more difficult aspects of divorce for some people in Pennsylvania may be dealing with a new financial situation. Those who have never participated in the financial aspects of their marriage could feel especially overwhelmed. For example, one recently divorced woman found out that keeping the marital house can be quite a financial burden.
After the woman's husband filed for divorce, he said that he would give her around $50,000 of their retirement account and that she could keep their shared home. Although the mortgage was paid off on the home, she was concerned about how she would manage the upkeep.
A better solution in a situation like this may be to sell the house and downgrade to a smaller and more affordable place. A person in such a situation might also want to pull their credit report and see if there are any lines of credit in their name. They should also begin to establish credit separate from their spouses. Finally, thinking about retirement not just in terms of assets but in terms of scaling back lifestyle is important as well.
Whether a person is considering initiating a divorce or has just been informed that their spouse wants one, they may want to begin by gathering documentation about the family finances. This might include information on investments, tax returns and bank statements. With an attorney, a person may be able to begin to piece together some idea of what their financial life may look like after divorce. After identifying their main areas of concern, a person can start taking concrete steps to help ensure financial stability. This may include looking at spousal support possibilities and considering whether to sell or keep certain assets.